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Thursday, December 8, 2022

Bitcoin May Still See ‘Wild’ Weekend

Alerts that volatility might yet engulf the market by June 27 kept Bitcoin’s (BTC) emphasis on $21,000 heading into the week.

Cointelegraph Markets Pro and TradingView data indicated that Bitcoin/US Dollar was trading mostly upward in the last several days after US markets had a good week.

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According to market analyst Holger Zschaepitz, and S&P 500 just had its 2nd greatest week of 2022, suggesting some mild reprieve for risk assets.

Data On Bitcoin From Media

Bitcoin appeared to be heading for its maiden weekly green candle from May, albeit a modest one.

Nevertheless, the on-chain analytics platform Material Indicators suggests that anything is possible in the meantime (MI).

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Using the price movement from the last weekend as an example, MI advised its Twitter followers to be vigilant despite the lack of activity throughout the week.

One comment read, in part, “If BTC can knock out the 250 WMA there is space to go.” Another said, “Weekends have been crazy so brace up.” As quickly as we can tear to $24,000, we can retry the lows.

Traders’ intentions to purchase and sell were revealed in a graphic of open interest data from the world’s largest exchange, Binance. There was scant volume support below the current price until $19,000, and there was substantial resistance above $22,000.

Multiple experts agree that for the bearish to reverse the trend, Bitcoin/USD must first recapture the 200-week simple exponential (WMA) from above.

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